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red carpet. >> michael kores. y it when it goes down. >> that's it for forbes on number one business box continues with eric bowling and cashin' in. waging war over the minimum wage and fast-food workers hitting the streets and demanding double play. will the job market pay the cost and how much more will my big maccosts? and taxpayer funded cell phones meant for the poor and needy? >> everybody in cleveland. nwell, it is not just cleveland. we exposed massive waste in that program. guess who is cleaning up on this. worldy richest man? >> and taxpayers to support the
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mayor legal bill and the reason may make you feel harassed. wagi in on fraud and a bus starts now. i am eric boling. welcome to cashin' in. wayne, and john and juan. wages. workers hitting the streets and demanding a 100 percent pay hike. they want wages pushed up to $15 an hour. johnathon. give usa lesson in capitalism. free market or the government does? nall the unions will do is increase the number of low skilled jobless people. wages are not based on compassion and feelings, but on productive value. a businessman can't hire at $15 if they produce seven dldz worth
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of work. and minimum wage discriminate against low skilled rkers. if you can't produce $15 worth of work an hour you can't work at all. >> why did they stop at 15 and why not 30 or 45 while they are at it. >> what does living wage mean in nminimum wage jobs and that is a way f people to get into the work force ato be a career. they are the way t get into that. where is the idea of moving up in the company has gone? why are they starting low skill and moving up to be a manager or franchise owner. you can move up once you pay your dows inside of a company. njuan, take it from there. how much is my cha will you pleasa at tako cost if they double the wages? >> youentioned a big
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macearlier. more if they went up to $12 whh is the living wage they are asking for. >> do we agree if you increase the wage to the hourly workers, the companies will pass it along to the consumer. $0.17. >> i am not sure your numbers are right. $0.17 sounds. >> anyway, i am so amused to hear my colleagues talk about this. they have concerns for the worker. what about the big cooperation are sitting on huge profits and refusing to reinvest in the american worker. >> juan what happens to those profits in people on the left have a vision that it is put in a scrooge mcduck a ttic.
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they are reinvested in more stores and production. >> oh, yeah. are you kidding me? are you kidding me? they ship it overseas so they can avoid taxes. >> we don't have proof of that. >> wayne, i did a pencil on paper math. 4 million workers in the fast food and 30 hours a week. call it that. you are talking about increasing wages or payrolls by 45 or 55 billion a year, shoulde be doing this now? nof course not eric. there is something more fundmental here. it is sploi and demand. 500 guys that want one job, obviously that job and cost of that job is going up. the 5,000 guys and they have a job and skill level. to flip a hamburger is a heck of
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a lot different than a computer programmer. he can't expect to make the same coined of wages. we have an example of how it was drin overseas. garment business went overseas because wages got out of hand. if you are going to do that it is going to happen. if you don't like it or think about it. you don't know what you are talking about. i cite more than you can. >> let me bring in katy in this. there are not any minimum wage numbers overseas. i don't know what they are. and i don't think tla there are any in china and brazil. if they are. they are below where we are here. maybe we'll not drive the retail or fast food but other service jobsoverseas. >> the complaint is that we don't have jobs here in america.
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but the fact is labor is cheaper overseas and youth unemployment here. minimum wage jobs in mcdonalds and entrow level position are necessary for high school and college students to get a to the in the work force. if you start raising that cost and making them more expensive, employees will not hiring then. there is a 17ercent youth unemployment rate. we'll see it go up. >> hd on, ju know. in your city alone, there is a walmart law where they want to increase the wage for walmart. there is a 34 percent unemployment rate in teens in washington d.c. and you box them outine more from jobs they need. >> wait a second, if you are talking about mcdonald, the average worker is 28. not teenagers.
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and second eric you and wayne will have to get in corporate jets to go to mcdonald an send those jobs overseas. that's what wayne is saying. >> no, let's be honest here. one more thing eric, you want us to bring third world wages. >> what are you talking about. >> my corporate jet was built erseas. >> there we go. hearing all about that rich protecting the rich. >> hold on, guys. let me put it in tms of juan you may understand. victoria secret if they pay 15 or 20 bucks an hour, where are
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they going to produce the goods. they will produce in china than here? >> and in case you haven't noticed. american manufacturing is finding it is more attractive than ever to go back to the united states and quality of workers and ease of distribution all helping america. >> and we are missing the concept of if you raise prices and minimum wage you have to raise prices to offset that costs. people will stop purchasing those goods whether at victoria secrets or mcdonalds. people are going to make them at home instead. >> that's not the point. minimum wage laws simply hurt the workers folks li juan want to help. and that is not the age or skill level. it is freedom. and in a fro country, you have the right to offer any wage and accept the wage. a as a low skill person whether 18 or 58.
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>> we goto go guys. >> we have to leave it. obviously a hot topic and cashin' in where you get cha lupas and victoria. and coming up why a program is out of control. you know throughout history,
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you sign up and you are a full if you are on social securi and low income and disable. >> nothing phony about the story. now repo people are signing up and getting fro phone service subsidized for tax servicine though they don't need. mexican billionaire is reportedly making a fortune off of this u.s. government program. is it time to disconnect it good. >> yes, it is a $2.2 billion program and we who pay our phone bills pay a tax every month to pay for the program. and one thi that gets missed with the obama care infamous woman talking about social security, disability and welfare and running off the list and on top subsidizing cell phones for the people. having a cell phone is not a right.
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james o'keefe did an undercover investigation showing that people not qualified for the phones are selling them back and getting drug money. it is past time the fraud and waste and abuse and that the program is ended. >> president obama didn't start this program. it started in 1984, but it expanded under president obama they need a phone number that people can call and if they have a job available. this is the best of america that we encourage people to get jobs and give them an opportunity to step out and these phones are only valued for a buck or two
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before they run out. it is not an endless deal. >> well, well, well. it is a lot of money. 2.2 billion. >> it is not tax ollars. >> s, it is. >> it is not one tax there. >> wayne, carlos, the mexican billionaire who is the second richest man in the world his company made money off of the obama phone program alone. obama picked up the phone one day and call eric holder, you remember fast and furious, i have a new program called slow and stupid and we are doing it with mexicans and doing it with carlos because he was a big donor to our campaign and we'll buy the phones from hi and hilary is in on it because she said nobody cares and is lerner will take the fifth. we don't have to worry about it
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getting out of hand and i think the taxpayers don't care. they elected us and how do we know differently. >> can you hear me now? >> juan, it is deptive for you to say it is not tax dollars. it is a tax. >> how is it a tax johnathon. >> you may a monthly union versal service tax, juan. >> tt's not emposed by the government. >> hold on. the phone company as part of the regulatory. >> it is part of the government and not ur responsibity to service anyone else's need. if they want phone have them pay for it themselves. technology made is almost fro for anyone. goggle and mobile phones are cheap. >> juan you are so angry at the 54 in this country.
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(talking all at once) >> that is not a fair comment. >> john thon, you don't realize it is written in the constitution. everybody gets a fro phone. you haven't rad the constitution laely? >> pull up the full screen of e fcc comment. fcc adopted comprehensive reforms to comabout the waste, fraud and abuse in the lifeline program. and saved 2 billion alone. you know, wayne, help me, katy, wayne, how will they save 2 billion when the whole program is 2 billion. >> exactly, they must be getting rid of the program. i want to go back to juan. i resent the fact that he said if you are not for the obama or george bush and you don't like thpoor and you are attacking the poor.
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porpeople are not entitled to have the entire life put on the xpayer. >> we got to go. -- this mayor is cowed of sexu loha -- sually harassing his staff. >> no way that the citizen should be on the hook. the boys used doue miles from their capital one venture card to fly home for the big family reunion. you must be garth's fathe hello. mother. mother! traveling is easy witthe venture card because you can fly any airline anytime. two words. double miles! this guy can act.
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wanna play dodge rock? oh, you guys! and with double miles you can actuay use, you never miss the fun. beard growing contest and go! ♪ win! what's in your wallet?
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>> talk about taxpayer harrassment. the mayor of san diego is a cowed of sual harrassment the city didn't give them sexual harrassment training and katy help us to explain. this is unbelievable. king of the war on women. they want taxpayers to to the the bl for bad behavior pause he doesn't have manners. eight women came forward with claps of sexual harrassment with this guy. there is no wi taxpayers should to the the bill because he can't control himself. nfillener. time for him to step away from the podium. >> the wonderful thing about this. hollywood will make a porn movie called how to sex perverts get in public office. weiner and spitwrer and this
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guy. it is crazy. d there muste something in the atmosphere that is making these morons do this. >> juan, the obvious questn. weiner and spitwrer. and fiowa lener, democrats. >> you must have lost touch with viter and larry craig knocking on your bathroom door and i think that wayne has it. i think wayne has it. it is because victori secret is forced over seas and they afford cheap panties. >> oh, my lord, what did the show come to. >> this type of behavior would never fly in corporate america. a ceo, juan you say oh, my god they lost their job. >> that's what i was saying. >> of course this dpz on in
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corporate america. >> but juan, they lose their jobs. this guy is still in office. >> we have a democracy. >> break it up. >> and lien to this one. what about the defense. you forgot to give me sexual harrassment training. >> we should not subsiddize that. don't sexually harass them. and don't put your hand on them and don't tell young women to not wear under wear to work and we shouldn't pay for his training or attorney's fees. >> we say thank you toicatey and juan williams are joining us. >> fst nsa and
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myother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it haen. i'm janet long and i formed my toffee company through legalzoom. never rely thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com day and make your business dream a reality. at legalzoom.com we put the law on your side. [ male announcer ] a car that can actually see like a human using stereoscopic cameras... ♪ ...and ev stop itself if it has to. the thnology may be hard to imagine... but why you would want it isot. ♪ the 2014 e-class, it doesn't just see the future,
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. >> wayne, you are up first my man. >> i like facebook. their earnings turned up and the stock up with it. i think you can hold on to it. it is a nail before the price. >> what about it john? >> don't own it, eric. i don't trust the government and i am beating against interest rates. they can't set wages or interest rates. i am betting onshort term rates going up as well. and there is a two- year bond
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yield. i own it. >> i got it say you are hot with this and so ten seconds. >> i think it does eapproximately in the long-term. we'll so on the short term as well. >> you have been on four. that's it for the cost of freem block. cashin' in is all over the nsa snooping scandal. and now the wall street journal is pointing out it is not only the nsa, but apparently the fbi issousing web bugs to infilt trait our computer as hear our phone conversations. i am all for safety and national curity. my concern is peoplousing my privacy to theirens what ever they may be. you think i am being parinoid. ask the conservative groups were
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targeted by the irs. i will so you on the five. >> announcer: the following program is brought to you by nopalea -- the anti-inflammatory wellness drink from trivita. stay tuned for an exciting offer for nopalea. a few years ago, trivita founder michael ellison introduced the world to nopalea. his goal was to bring wellness and a better quality of life to as many people suffering from inflammation as possible. now here's what many are saying. >> people are telling me i look 10 years younger because the pain is gone from my life. >> i've been pain-free for seven months. you do not understand what it's like to get up every day and not have pain -- go through and golf, long car rides, do what >> it's made me feel younger. i'm sleeping like a baby, and my grandkids can't keep up with me.

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Cashin In
FOX Business August 4, 2013 9:30am-10:01am EDT

News/Business. A practical look at money management. (CC)

TOPIC FREQUENCY America 5, Wayne 5, Us 4, Cashin 4, Eric 3, Legalzoom 2, Nopalea 2, Cleveland 2, China 2, Spitwrer 2, Weiner 2, Juan 1, Victoria 1, Johnathon 1, Washington D.c. 1, Njuan 1, Nwell 1, Nsa 1, Fbi 1, United States 1
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Duration 00:31:00
Scanned in San Francisco, CA, USA
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